The Jumpstart Our Business Startups Act (JOBS Act) signed into law by President Obama on April 5, 2012, includes the removal of the general solicitation and general advertising prohibitions for securities offerings conducted under Rule 506 of Regulation D under the Securities Act of 1933 if the purchasers are limited to persons who are "accredited investors" as defined under Regulation D.

On January 18, 2012, the SEC, in connection with an alleged $78 million insider trading scheme, charged two large hedge fund investment advisory firms and several fund managers and analysts with violations of fraud in federal court.

Recent actions by the SEC against certain registered investment advisers demonstrates the SEC's increased efforts to "crack down" on those advisors who repeatedly fail to remedy compliance deficiencies.

Since shares of exchange-traded funds (ETF Shares) are continuously offered and also are traded in secondary markets, various issues arise under the Securities Exchange Act of 1934. Issues also arise under the Securities Exchange Act because most ETF Shares are purchased and redeemed in-kind.